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IBM Says Banks Consider Following JPMorgan Into Digital Currency

  • Two U.S. firms talked to computer giant about issuing a coin
  • IBM blockchain executive sees ‘revenue opportunity for banks’
Pedestrians pass in front of the JPMorgan Chase & Co. headquarters in New York.

Pedestrians pass in front of the JPMorgan Chase & Co. headquarters in New York.

Photographer: Scott Eells/Bloomberg

From

International Business Machines Corp., a provider of technology for creating digital currency, said at least two “major U.S. banks” are considering whether to follow JPMorgan Chase & Co.’s lead in issuing a coin.

Jesse Lund, IBM’s vice president of blockchain, said that the company has held initial discussions with the two lenders on issuing a so-called stablecoin -- a digital token that is pegged 1:1 to an established currency like the U.S. dollar. JPMorgan, the largest U.S. bank by assets, announced in February that it would issue a digital currency tied to the dollar, called JPM Coin.